GM Buys Self-driving Startup Cruise Automation

March 14, 2016

March 14, 2016—General Motors announced Friday that it will buy self-driving vehicle startup Cruise Automation, according to a report by Reuters News.

Cruise Automation has raised $20 million in venture capital to date since its launch in 2013. GM did not disclose the value of the acquisition, though technology website Re/Code cited sources saying the number was as high as $1 billion. 

No specific timeline for the acquisition has been announced. 

“We will be committing considerable resources to recruit and grow the capability of the team,” said GM president Dan Ammann.

GM’s goal is to use Cruise Automation to develop its plan to launch autonomous vehicles, possibly to be used in an autonomous, electric, ride-sharing fleet. GM invested $500 million in ride-sharing company Lyft Inc. in January. 

Sponsored Recommendations

View insights, research and solutions curated specifically for shops like yours.
Restore & Protect is a major business opportunity for Valvoline installers with positive impact on profit growth as well as customer satisfaction and loyalty.
Our dedicated Valvoline Trusted Advisor Sales and Support Team provides hands-on classroom and targeted in-store coaching to help your employees become more skilled at selling...
Increase Sales and Customer Traffic To Your Store(s).